How To Buy EOS (EOS)?

A common question you often see on social media from crypto beginners is “Where can I buy EOS?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. Thanks to its massive popularity, you can now buy EOS on most cryptocurrency exchanges, including Coinbase and Binance in 3 simple steps.

Step 1: Create an account on an exchange that supports EOS (EOS)

First, you will need to open an account on a cryptocurrency exchange that supports EOS (EOS).
We recommend the following based on functionality, reputation, security, support and fees:

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase EOS (EOS) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy EOS (EOS)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for EOS (EOS) or EOS (EOS) trading pairs. Look for the section that will allow you to buy EOS (EOS), and enter the amount of the cryptocurrency that you want to spend for EOS (EOS) or the amount of fiat currency that you want to spend towards buying EOS (EOS). The exchange will then calculate the equivalent amount of EOS (EOS) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of EOS (EOS) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

Simplecryptoguide.com

What Is EOS (EOS)?

EOS is a platform that’s designed to allow developers to build decentralized apps (otherwise known as DApps for short.)

The project’s goal is relatively simple: to make it as straightforward as possible for programmers to embrace blockchain technology — and ensure that the network is easier to use than rivals. As a result, tools and a range of educational resources are provided to support developers who want to build functional apps quickly.

Other priorities include delivering greater levels of scalability than other blockchains, some of which can only handle less than a dozen transactions per second.

EOS also aims to improve the experience for users and businesses. While the project tries to deliver greater security and less friction for consumers, it also vies to unlock flexibility and compliance for enterprises.

Who created EOS?

Founded in 2017 by Dan Larimer and Brenden Blumer, Block.One is the private company that developed the EOS protocol. Larimer is a notable name among blockchain developers. In addition to EOSIO, he architected the first decentralized exchange, BitShares, and the first crypto social media network, Steemit. 

As the Chief Technology Officer for Block.one, Larimer is the lead architect behind the EOS software. He is also known for having created the delegated proof-of-stake (DPoS) consensus mechanism used in the operation of the EOS blockchain.

To an extent, you could argue that EOS aims to create familiarity for its users. Whereas EOS.IO is probably best compared to an operating system like Windows or iOS, EOS is the cryptocurrency that drives the network.

According to the company, it has the capacity to accommodate the demands of hundreds, if not thousands, of DApps — even if they were being used by substantial numbers of people. Parallel execution, as well as a modular approach, are said to drive this efficiency.

In a unique twist, token holders have the ability to vote for block producers — as well as other matters such as protocol upgrades.

How does EOS work?

The EOS blockchain is designed to emulate the performance of a real computer, and the software itself uses some familiar computing concepts in its operations. 

For example, there are three types of resources that power the EOS blockchain. 
These are:

• Bandwidth (Disk) – needed for relaying information across the network
• Computation (CPU) – the processing power it takes to run a dapp
• State Storage (RAM) – used to store data on its blockchain 

EOS is needed to purchase all three of these resources on EOS, meaning developers must buy EOS to run dapps they launch. 

Notably, dapps built on EOS don’t require users to pay for transactions, making EOS free to transfer for dapp users. These costs don’t disappear on the EOS blockchain, though, they’re simply passed on to dapp developers who must pay for network resources.

EOS development updates in 2023

EOS, a prominent player in the blockchain arena, has made several significant strides in development in 2023. Here’s an overview of the key updates and advancements:

• Antelope Inter Blockchain Communication (IBC) Functionality: EOS Network’s commitment to interoperability is evident with the development of Antelope IBC functionality. This enhancement plays a crucial role in connecting the EOS ecosystem to other blockchain networks, facilitating seamless cross-chain operations.

• EOS EVM Trustless Bridge: The EOS EVM (Ethereum Virtual Machine) trustless bridge is another key development. This emulation of the Ethereum EVM, housed within an EOS smart contract, offers developers the advantage of deploying Solidity-based digital assets and applications on EOS while leveraging its superior performance.

• Pyth Network Integration: The integration of the Pyth Network into EOS furthers its commitment to providing accurate, decentralized financial market data, enhancing the capabilities of decentralized applications on the EOS network.

• Move to Climate Positive Status: In a significant sustainability initiative, the EOS Network Foundation, in collaboration with Upland and Aerial, is transforming the EOS Network from carbon-neutral to climate positive. This means the network is not only offsetting its carbon emissions but also actively removing additional carbon dioxide from the atmosphere.

• Pomelo Season 7 Crowdfunding Platform: Pomelo Grants, an open-source crowdfunding platform on EOS, continues to fund Web3 projects through quadratic funding. The EOS Network Foundation has contributed to two matching pools for Season 7, supporting projects that benefit the EOS ecosystem.

• Leap 5.0 Consensus Upgrade: Planned for late 2023, the Leap 5.0 consensus upgrade will introduce features like Instant Finality and the HotStuff consensus algorithm, which are expected to significantly enhance the network’s scalability and transaction finality times.

• EOS Ecosystem Reports and Online Events: Regular updates and recaps on the EOS ecosystem are provided through various channels, including the EOS Hot Sauce news show and the EOS Bees community engagement program.

• Greymass’s Unicove Wallet Launch: A significant development in user experience, Unicove by Greymass, is a secure and user-friendly web wallet that interfaces with the Anchor authenticator, simplifying the process of interacting with Antelope and EOSIO blockchains.

• Yield+ Program Performance: Despite the broader bear market in crypto, EOS’s Yield+ program has shown a relative increase in Total Value Locked (TVL), indicating growing economic activity on the EOS platform.

These developments collectively underscore EOS’s commitment to enhancing its blockchain infrastructure, fostering interoperability, sustainability, and user engagement, thereby solidifying its position in the evolving landscape of blockchain technology​​​​​​​​​​.

Official website: https://eos.io/

Best cryptocurrency wallet for EOS (EOS)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for EOS (EOS)?

Deciding which type of wallet to use depends on a variety of factors, including:

• How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
• What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
• Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
• How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
• What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).